(Friday, April 17, 2020, 6 p.m. EST) - The Standard & Poor's 500 index closed at 2,874.56, up 2.7% on the day. The barometer of America's economic strength gained 3% for the week, after a spectacular 11.4% one-week gain a week ago, the best one-week performance since 1974.
From the history-making 11-year bull market closing high of 3386.15 on February 19, 2020, the S&P 500 is off nearly 15%, but that's about 31% higher than the Coronavirus bear market low of March 23 of 2237.39.
Hospital utilization due to the Coronavirus outbreak in the U.S., as of today, is thought to have peaked nationally on April 14, according to the Institute for Health Metrics and Evaluation, an independent public health research center at University of Washington. But this is dependent on the states continuing to maintain their social distancing measures.
The stock market is looking past dismal employment and retail sales figures released this past week. With reports of medical breakthroughs dominating financial news headlines, expect continued volatility as the beginning of the end of the pandemic gradually is expected to unfold.
Nothing contained herein is to be considered a solicitation, research material, an investment recommendation, or advice of any kind, and it is subject to change without notice. It does not take into account your investment objectives, financial situation, or particular needs. Product suitability must be independently determined for each individual investor.
This material represents an assessment of the market and economic environment at a specific point in time and is not intended to be a forecast of future events or a guarantee of future results. Forward-looking statements are subject to certain risks and uncertainties. Actual results, performance, or achievements may differ materially from those expressed or implied. Information is based on data gathered from what we believe are reliable sources. It is not guaranteed as to accuracy, does not purport to be complete, and is not intended to be used as a primary basis for investment decisions.
© 2020 Advisor Products Inc. All Rights Reserved.
© 2020 WFA Asset Management Corporation